Mikey Campbell
Apple's recently-minted Senior Vice President of Hardware Engineering Dan Riccio sold nearly $11 million worth of company stock this week in two separate sales, with a small portion of the gains going to a charitable donation.
First spotted by CNET, Riccio sold off 19,726 shares in two sales on Thursday and Friday, as well as another 1,000 shares given away as a charitable donation. At the current AAPL stock valuation, the total value of the shares sold was over $10.73 million.
None of the shares sold this week were part of the stock options Riccio received after being promoted in August alongside Apple's new SVP of Mac Software and Engineering Craig Federighi. Both executives were each awarded 75,000 shares of restricted stock, which at the time was worth well over $50 million. The first batch of 25,000 shares will vest in December 2013, with the remaining units vesting equally in April 2015 and August 2016.
Riccio recently took over for the outgoing Bob Mansfield and is now responsible for engineering all Mac, iPhone, iPad and iPod lines. Mansfield quickly came out of retirement and returned to Apple, ultimately taking on the role of SVP of Technologies following former iOS chief Scott Forstall's ouster. Mansfield is said to have netted a a two-year agreement worth $2 million a month.
AppleInsider Staff
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32 Comments
Apple is so damn classy. This is a huge dip, a huge buying opportunity for AAPL, but this is when Apple execs decide to take some profit. Compare to Google, where several of their top executives took profit at it's recent outrageous peak, just before they were going to deliver their crappy earning's report, after which their stock dove 9%. It amazes me that Apple continues to suffer so badly with their PR. Their hands off approach is clearly not working.
[quote name="PatchyThePirate" url="/t/154368/apple-svp-dan-riccio-sells-11m-in-company-stock-gives-some-proceeds-to-charity#post_2233830"]Apple is so damn classy. This is a huge dip, a huge buying opportunity for AAPL, but this is when Apple execs decide to take some profit. Compare to Google, where several of their top executives took profit at it's recent outrageous peak, just before they were going to deliver their crappy earning's report, after which their stock dove 9%. It amazes me that Apple continues to suffer so badly with their PR. Their hands off approach is clearly not working.[/quote] Hmm... I'm not sure what's classy about selling when a stock is low. I am under the impression sales are happening now because 1) the capital gains tax is going up, and 2) stocks tend to dip before the end of the calendar year.
Good for him. He might have been a little bit richer had he sold a couple months ago, but it's nice he's giving a bit to charity. Kudos.
I am not sure how that factors into the decision to sell if insiders truly believed that the stock is undervalued by 5% or more (which is the amount that the capital gains tax rate is expected to go up).
Explain?
[quote name="anantksundaram" url="/t/154368/apple-svp-dan-riccio-sells-11m-in-company-stock-gives-some-proceeds-to-charity#post_2233862"]I am not sure how that factors into the decision to sell if insiders truly believed that the stock is undervalued by 5% or more (which is the amount that the capital gains tax rate is expected to go up). Explain? [/quote] Whether something is considered under or overvalued is irrelevant it whether the seller thinks it's going to go down within a set amount for a set timeframe. If he thinks it will keep dropping before the end of the year and he wants to sell before the ned of the year then why wouldn't now be the best time to sell?